Monday, 21 November 2016

(Bloomberg) — Symantec Corp., one of the world's biggest cybersecurity organizations, consented to purchase LifeLock Inc. for about $2.3 billion incorporating obligation to grow in administrations for personality security.

The offer for LifeLock values its shares at $24 each, as indicated by a Business Wire proclamation. The offer is 16 percent over Friday's end cost. The Tempe, Arizona-based organization was sought after by bidders including private value firms Permira, TPG and Evergreen Coast Capital, the new buyout arm of speculative stock investments Elliott Management, as indicated by individuals acquainted with the matter, who requested that not be named on the grounds that the procedure is private.

Symantec, the creator of Norton antivirus programming, has been re-orientating its business all the more vigorously toward cybersecurity, obtaining Blue Coat Inc. from Bain Capital this year in a $4.65 billion arrangement. Prior in the year, Mountain View, California-based Symantec sold information stockpiling unit Veritas to Carlyle Group LP for $7.4 billion.